| (1) |
In addition to the powers in Part 2 of Chapter 7 to make standards, a financial sector regulator may make standards applicable to— |
| (a) |
beneficial owners with respect to— |
| (i) |
fit and proper requirements, in particular honesty and integrity; and |
| (ii) |
reporting of relevant information regarding the beneficial owner to the financial sector regulator; and |
| (b) |
financial institutions with respect to the— |
| (i) |
identification and verification of beneficial owners; and |
| (ii) |
reporting relevant information in respect of beneficial owners to the financial sector regulator. |
| (2) |
Standards referred to in subsection (1) may— |
| (a) |
prescribe what would or would not constitute direct or indirect ultimate ownership or control, or the ability to exercise such control,as contemplated in the definition of beneficial owner for purposes of section 159A; |
| (b) |
exclude specified persons from the definition of beneficial owner as contemplated in section 159A; and |
| (c) |
distinguish between different types and categories of beneficial owners. |
[Section 159B inserted by section 63 of the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022) Notice No. 1532, GG47802, dated 29 December 2022 - effective 31 December 2022 per Proclamation Notice 109 (a), GG47805, dated 31 December 2022]
Statistics Act, 1999
